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Seemingly since the beginning of aviation history there has been discussion and speculation on the remarkable inability of the industry to generate profits. The question as to how this is the case and how the industry managed to survive, let alone actually grow and prosper so far, is the subject of this book. Detailing the historical performance of the industry and critically exploring the various theories proposed to explain its lack of profitability, the book also looks to the future, with important recommendations regarding the better management of airlines.